New Delhi: Gold and silver prices continue to witness fluctuations. On Sunday, retail gold prices in India declined as uncertainty surrounding the US-Iran conflict persisted.
How much did gold fall on MCX?
Spot gold dropped more than 2 per cent to around $4,043 per ounce during US trading, after earlier touching its highest level since July 7. Silver also came under pressure, with spot prices declining nearly 4 per cent.
What are the latest gold rates?
The details of the prices recorded in major cities across the country on Sunday morning are as follows.
Delhi
24 carat: Rs 14,632 per gram
22 carat: Rs 13,414 per gram
18 carat: Rs 10,724 per gram
Mumbai
24 carat: Rs 14,617 per gram
22 carat: Rs 13,399 per gram
18 carat: Rs 10,709 per gram
Chennai
24 carat: Rs 14,729 per gram
22 carat: Rs 13,501 per gram
18 carat: Rs 10,969 per gram
Kolkata
24 carat: Rs 14,617 per gram
22 carat: Rs 13,501 per gram
18 carat: Rs 10,709 per gram
What about silver price?
Along with gold, silver prices are also facing huge fluctuations in the market. However, silver prices in the South are a bit expensive compared to the northern cities. The price of a kg of silver in Hyderabad, Vijayawada, Chennai, and Kerala continues to be Rs 2,44,900. At the same time, the price of a kg of silver in Delhi, Mumbai, Bengaluru and other northern parts of the country is trading at Rs 2,39,900.
Why is there a change in the rates?
According to analysts, the major reasons behind the changes are:
- International market pricing, import fees, and taxes
- Blockage of the Strait of Hormuz
- Weakness in the prices of gold and silver in the international market.
- The strengthening of the US dollar, which put pressure on demand for precious metals.
- When the dollar strengthens, spending by foreign buyers increases, and this reduces demand for safe investments like gold and silver.
How much lower are the prices from their record highs?
Gold and silver touched their record highs on January 29. According to MCX, the record high level for gold is Rs 1.93 lakh, while the record high price for silver is Rs 4.20 lakh.
